Net-Shorts Increase Over Past Week

Spot Gold: Retail trader data shows 83.5% of traders are net-long with the ratio of traders long to short at 5.06 to 1. The number of traders net-long is 6.1% higher than yesterday and 1.3% lower from last week, while the number of traders net-short is 5.2% lower than yesterday and 7.3% higher from last week.

Sentiment is Unable to Provide a Clear Direction

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.